BTC touches $42,000 on the day while ETH posted a 10-day high above $3150, as we can see in our latest cryptocurrency news today.

Bitcoin erased losses from earlier in the week and surged to a 10-day high well above $42,000. Ethereum followed in a similar move, but for the day most of the market settled down and Monero is still among the few impressive gainers. After the quiet weekend of BTC standing around $40,000 with no decisive moves in either direction, the landscape finally changed. BTC touches $42,000 while ETH posted a 10-day high, but BTC broke below $40,000 and threw off a monthly high of around $38,500, but this is where the bulls surged.

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BTCUSD. Source TradingView

Bitcoin also started to rebound and was above the $40,000 price line hours later, but then slowly continued to climb and climbed above $41,000. Over the past day, the crypto market hit another milestone by surpassing the January 2021 ATH of $42,000, but now it is below the level and its market cap approached $800 billion. The alternative coins went through the same volatility earlier in the week, with some notable price markdowns taking place on Monday and recovery sessions taking place over the next few days.

Ethereum fell below $2,900 but then bounced back and reclaimed the $3,000 price point. It even surpassed that level, hitting its highest price since April 11th. On a daily basis, most altcoins appear to be quiet. Binance Coin, for example, is at $420 while Cardano, DOT, and Terra were flat. Ripple, NEAR, SHIB, and DOGE all lost some value, while Monero and Theta are among the few to post impressive gains of around 6% each. XMR is trading above $275 and THETA is near $3.3. The crypto market is fairly quiet, standing above $1.9 trillion after falling below $1.8 trillion earlier this week.

crypto market
Overview of the cryptocurrency market. Source Quantify Crypto

As recently reported, The Luna Foundation Guard bought 2508 BTC worth around $100 million and plans to amass $10 billion. LFG is a non-profit organization responsible for building the reserves backing the Terra-pegged stablecoin TerraUSD. Approximately $17 billion worth of crypto has been issued so far and has been listed for the 14th timeth Largest digital asset by market cap. The company’s previous reserve model supported the stablecoin token, a protocol-native crypto LUNA that is currently the ninth largest.

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